Walmart

Below is a structured research dossier on Walmart Inc. (NYSE: WMT), followed by key financial tables, graphs, and a downloadable presentation.

Financial Disclaimer  (please read)#

This content reflects publicly available data and the author's interpretation as of May 21 2025. Numbers may be restated or revised. Nothing here constitutes investment advice; always perform independent due‑diligence with a licensed professional before acting.

1  Background Research#

1.1 Business model#

A pie chart illustrating this mix is in the PowerPoint (Slide 3).

• Income streams: in‑store retail, e‑commerce (~$100 B in FY 2024), membership fees (Walmart+ ≈ 27-32 M members)

• Customer reach: ~270 M shoppers each week across 10,750 stores in 19 countries.

• Units / subscriptions sold:

  • Stores & clubs: 10,750 (FY‑2025)

  • Walmart +: ~26-32 M paid members (2024‑25 third‑party estimates).

1.2 Headwinds & risks#

• Short‑term (0‑2 yrs): U.S. tariffs driving price pressure, near‑term wage inflation, FX volatility on int'l segment, discretionary‑goods softness.

• Long‑term (3 yrs +):

  • E‑commerce competition & margin dilution vs. Amazon and Temu

  • Supply‑chain resiliency (climate events; Project Gigaton targets)

  • Regulatory scrutiny (antitrust, labor practices).

1.3 Cost structure#

1.4 Management#

• Executive team (selected): Doug McMillon (CEO since 2014); John David Rainey (CFO); Judith McKenna (International); Kathryn McLay (Sam's Club)

• Board: Greg Penner (chair), Brian Niccol (Chipotle) added 2024, plus independent directors with tech/ESG depth.

• Track record: Met/beat EPS guidance 7 of last 10 yrs; transparent on inventory & wage headwinds (2022-23). No major governance controversies in last decade.

• Alignment: Walton family retains ~46 % voting power via Walton Enterprises; insiders collectively own >$300 B-strong skin‑in‑the‑game.

1.5 Top shareholders & recent voting#

1.6 Capital returns#

• Buybacks: new $20 B authorization (Nov 2024) after retiring ~6 % of shares since 2015. Current pace ≈ $9 B/yr vs. $8 B 10‑yr avg.

• Dividend: 51st consecutive annual increase; FY 2025 payout $0.94 (0.96 % yield).

1.7 Value‑investor activity#

Long‑only funds (Dodge & Cox, Sequoia) trimmed in 2023 when P/E >35; average cost basis low‑$60s. Most remain holders at <3 % position size. (13‑F filings cross‑checked.)

1.8 Intrinsic value - Buffett‑style DCF#

• FCF 2024: $15.37 B (post‑capex).

• Conservative scenario: 0 % FCF growth 10 yrs, 3 % terminal, 10 % discount → IV ≈ $22.5 per share.

• 30 % M.o.S.: ~$15.7.

• Implied return @ today's $97 price: discount rate solving PV = Price ≈ 4.5 % (low). > See calculation narrative in text; assumptions use shares‑outstanding 8.1 B and CompaniesMarketCap market‑cap series.

1.9 Latest quarter (Q1 FY 26, released May 15 2025)#

• Net sales $165.6 B (+2.5 % YoY).

• Operating income $7.1 B (+4 %).

• EPS $0.56 (-11 %).

• E‑commerce +22 %, grocery share gains.

# 2  Financial Research

2.1 Ten‑year history (2015‑2024)#

A full interactive table is available above ("Walmart 10‑Year Metrics"). Key excerpts:

(Citations: revenue, income, FCF - Macrotrends; market cap - CompaniesMarketCap.)

2.2 Observations#

• Revenue CAGR ≈ 3.1 %; however gross‑to‑net conversion compresses margins.

• Net income dip 2018‑2019 driven by Flipkart write‑downs; recovery post‑2020 on mix & automation.

• FCF volatile; 2021 spike reflects inventory unwinding, then normalized.

• ROIC trending upward to >20 % by 2025 - impressive for big‑box retail.

• Leverage moderate (D/E ~0.51) and falling.

2.3 Charts#

Slides 4‑6 in the accompanying PowerPoint graph:

1. Revenue vs Net Income

2. Free Cash Flow

3. Market Capitalization

Margins (%) annotated on each line plot for clarity.

Downloadables#

• PowerPoint (16:9, 1920×1080) with all charts & slide notes: Download the PowerPoint

• The interactive data table appears in‑line above for further filtering.

Bottom‑line view#

Walmart pairs fortress‑like scale with mid‑single‑digit top‑line growth and rising ROIC. Yet, at ~39× trailing EPS and >30× normalised FCF, today's market price bakes‐in low‑mid‑single‑digit required returns (≈4.5 %). On a strict Buffett‑style discipline (10 % hurdle, 30 % M.o.S.), Walmart screens over‑valued. That said, for defensive investors seeking inflation‑resilient cash flows, its strong balance sheet, durable grocery share, and omnichannel edge remain attractive.

Final Disclaimer (important) This report is for educational purposes only; it is not investment advice. Financial figures derive from Macrotrends, CompaniesMarketCap, SEC filings, and Walmart corporate releases. Always verify with original filings and consult a qualified advisor before trading securities. Past performance does not guarantee future results, and investing entails risk of loss.